The World Bank raised on Thursday its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

The World Bank raises China's GDP growth projections for 2024 and 2025, projecting 4.9% growth in 2024 and 4.5% in 2025.

The World Bank has revised up China's real GDP growth for this year and next to 4.9 percent and 4.5 percent, respectively, while underlining the necessity of ramping up structural reforms alongside stimulus measures to reinvigorate growth.

China revised upwards on Thursday the size of its economy by 2.7%, but said the change would have little impact on growth this year, as policymakers pledged more stimulus to spur expansion in 2025. Policy support late this year has set the world's second-largest economy on track for a growth target of "around 5%" as activity warmed slightly,